Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 13, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 001-40970 | |
Entity Registrant Name | Deep Medicine Acquisition Corp. | |
Entity Central Index Key | 0001857086 | |
Entity Tax Identification Number | 85-3269086 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 595 Madison Avenue | |
Entity Address, Address Line Two | 12th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | (917) | |
Local Phone Number | 289-2776 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Class A Common Stock, par value $0.0001 per share [Member] | ||
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | |
Trading Symbol | DMAQ | |
Security Exchange Name | NASDAQ | |
Rights Each Exchangeable Into One Tenth Of One Share Of Class Common Stock [Member] | ||
Title of 12(b) Security | Rights, each exchangeable into one-tenth of one share of Class A Common Stock | |
Trading Symbol | DMAQR | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 4,357,964 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 0 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash | $ 357,478 | $ 595,536 |
Prepaid expenses | 20,408 | |
Cash and marketable securities held in Trust Account | 6,647,795 | 9,160,803 |
Total current assets | 7,005,273 | 9,776,747 |
Total assets | 7,005,273 | 9,776,747 |
Current liabilities | ||
Taxes payable | 57,569 | 57,569 |
Total current liabilities | 3,469,736 | 2,795,069 |
Non-current liabilities | ||
Deferred underwriting commissions | 4,427,500 | 4,427,500 |
Total non-current liabilities | 4,427,500 | 4,427,500 |
Total liabilities | 7,897,236 | 7,222,569 |
Commitments | ||
Common stock subject to possible redemption, 574,764 shares at $11.28 per share and 830,210 shares at $10.83 per share as of September 30, 2023 and March 31, 2023, respectively | 6,481,426 | 8,994,434 |
Stockholders’ (Deficit) | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, -0- shares issued and outstanding as of September 30, 2023 and March 31, 2023 | ||
Additional paid-in capital | ||
Accumulated deficits | (7,373,767) | (6,440,634) |
Total Stockholders’ (Deficit) | (7,373,389) | (6,440,256) |
Total Liabilities and Stockholders’ (Deficit) | 7,005,273 | 9,776,747 |
Common Class A [Member] | ||
Stockholders’ (Deficit) | ||
Common stock, value | 378 | 378 |
Common Class B [Member] | ||
Stockholders’ (Deficit) | ||
Common stock, value | ||
Related Party [Member] | ||
Current liabilities | ||
Accrued expenses | 16,000 | 6,000 |
Loan payable | 2,065,000 | 1,865,000 |
Nonrelated Party [Member] | ||
Current liabilities | ||
Accrued expenses | 1,246,550 | 866,500 |
Loan payable | $ 84,617 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Mar. 31, 2023 |
Common stock subject to possible redemption, shares | 574,764 | 830,210 |
Common stock subject to possible redemption, price per share | $ 11.28 | $ 10.83 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,783,200 | 3,783,200 |
Common stock, shares outstanding | 3,783,200 | 3,783,200 |
Common stock shares subject to possible redemption | 574,764 | 574,764 |
Common Class B [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expense | ||||
Officers compensation | $ 15,000 | $ 15,000 | $ 30,000 | $ 30,000 |
Franchise taxes | 18,880 | 50,000 | 62,797 | 100,000 |
General and administrative expenses | 327,153 | 652,723 | 640,336 | 857,556 |
Total operating expense | 361,033 | 717,723 | 733,133 | 987,556 |
Other income | ||||
Investment income (loss) on investments held in Trust Account | 90,687 | 552,164 | 201,222 | 667,577 |
Total other income | 90,687 | 552,164 | 201,222 | 667,577 |
Net (loss) before income tax | (270,346) | (165,559) | (531,911) | (319,979) |
Income tax | ||||
Net income (loss) | $ (270,346) | $ (165,559) | $ (531,911) | $ (319,979) |
Common Class A [Member] | ||||
Net (loss) per share | ||||
Net (loss) per share, basic | $ (0.06) | $ (0.01) | $ (0.12) | $ (0.02) |
Net (loss) per share, diluted | $ (0.06) | $ (0.01) | $ (0.12) | $ (0.02) |
Weighted average number of shares | ||||
Weighted average number of shares, basic | 4,391,649 | 13,270,700 | 4,502,530 | 13,270,700 |
Weighted average number of shares, diluted | 4,391,649 | 13,270,700 | 4,502,530 | 13,270,700 |
Common Class B [Member] | ||||
Net (loss) per share | ||||
Net (loss) per share, basic | $ (0.01) | $ (0.02) | ||
Net (loss) per share, diluted | $ (0.01) | $ (0.02) | ||
Weighted average number of shares | ||||
Weighted average number of shares, basic | 3,162,500 | 3,162,500 | ||
Weighted average number of shares, diluted | 3,162,500 | 3,162,500 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2022 | $ 62 | $ 316 | $ (3,776,318) | $ (3,775,940) | ||
Beginning balance, shares at Mar. 31, 2022 | 620,700 | 3,162,500 | ||||
Net (loss) | (154,420) | (154,420) | ||||
Ending balance, value at Jun. 30, 2022 | $ 62 | $ 316 | (3,930,738) | (3,930,360) | ||
Ending balance, shares at Jun. 30, 2022 | 620,700 | 3,162,500 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 62 | $ 316 | (3,776,318) | (3,775,940) | ||
Beginning balance, shares at Mar. 31, 2022 | 620,700 | 3,162,500 | ||||
Net (loss) | (319,979) | |||||
Ending balance, value at Sep. 30, 2022 | $ 62 | $ 316 | (4,559,741) | (4,559,363) | ||
Ending balance, shares at Sep. 30, 2022 | 620,700 | 3,162,500 | ||||
Beginning balance, value at Jun. 30, 2022 | $ 62 | $ 316 | (3,930,738) | (3,930,360) | ||
Beginning balance, shares at Jun. 30, 2022 | 620,700 | 3,162,500 | ||||
Net (loss) | (165,559) | (165,559) | ||||
Accretion for Class A common stock to redemption amount | (463,444) | (463,444) | ||||
Ending balance, value at Sep. 30, 2022 | $ 62 | $ 316 | (4,559,741) | (4,559,363) | ||
Ending balance, shares at Sep. 30, 2022 | 620,700 | 3,162,500 | ||||
Beginning balance, value at Mar. 31, 2023 | $ 378 | (6,440,634) | (6,440,256) | |||
Beginning balance, shares at Mar. 31, 2023 | 3,783,200 | |||||
Net (loss) | (261,565) | (261,565) | ||||
Accretion for Class A common stock to redemption amount | (310,535) | (310,535) | ||||
Ending balance, value at Jun. 30, 2023 | $ 378 | (7,012,734) | (7,012,356) | |||
Ending balance, shares at Jun. 30, 2023 | 3,783,200 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 378 | (6,440,634) | (6,440,256) | |||
Beginning balance, shares at Mar. 31, 2023 | 3,783,200 | |||||
Net (loss) | (531,911) | |||||
Ending balance, value at Sep. 30, 2023 | $ 378 | (7,373,767) | (7,373,389) | |||
Ending balance, shares at Sep. 30, 2023 | 3,783,200 | |||||
Beginning balance, value at Jun. 30, 2023 | $ 378 | (7,012,734) | (7,012,356) | |||
Beginning balance, shares at Jun. 30, 2023 | 3,783,200 | |||||
Net (loss) | (270,346) | (270,346) | ||||
Accretion for Class A common stock to redemption amount | (90,687) | (90,687) | ||||
Ending balance, value at Sep. 30, 2023 | $ 378 | $ (7,373,767) | $ (7,373,389) | |||
Ending balance, shares at Sep. 30, 2023 | 3,783,200 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss) | $ (531,911) | $ (319,979) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Investment income earned on investments held in Trust Account | (201,222) | (667,577) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 20,408 | 135,329 |
Accrued expenses | 380,050 | 499,801 |
Accrued expenses - related parties | 10,000 | (10,000) |
Net cash (used in) operating activities | (322,675) | (362,426) |
Cash flows from investing activities: | ||
Cash released from trust account | 2,914,230 | |
Investment of cash in Trust Account | (200,000) | |
Net cash provided by (used in) investing activities | 2,714,230 | |
Cash flows from financing activities: | ||
Cash used for common stock redemption | (2,914,230) | |
Proceeds from loans payable | 84,617 | |
Proceeds from extension loan - related parties | 200,000 | |
Net cash provided by (used in) financing activities | (2,629,613) | |
Net increase/(decrease) in cash and cash equivalents | (238,058) | (362,426) |
Cash and cash equivalents at the beginning of the period | 595,536 | 877,099 |
Cash and cash equivalents at the end of the period | 357,478 | 514,673 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Remeasurement for Class A common stock subject to possible redemption | $ 401,222 | $ 463,444 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The accompanying unaudited financial statements of Deep Medicine Acquisition Corp. (the “Company”) have been prepared in accordance with the generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the applicable rules and regulations for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2023. The interim results for the three and six months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending March 31, 2024 or for any future interim periods. |
Organization and Description of
Organization and Description of Business Operations | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business Operations | Note 2 - Organization and Description of Business Operations The Company is a blank check company incorporated on July 8, 2020, under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). While the Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the digital healthcare and AI in medicine sector in the global market. As of September 30, 2023, the Company had not commenced any operations. All activity for the period from July 8, 2020 (inception) through September 30, 2023, relates to the Company’s formation and its initial public offering (“IPO”), which is described below, and subsequent to IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the cash and marketable securities held in the Trust Account (as defined below). The Company has selected March 31 as its fiscal year end. On October 29, 2021, the Company consummated its IPO of 12,650,000 10.00 1,650,000 519,500 10.00 5,195,000 Transaction costs amounted to $ 7,282,500 2,530,000 4,427,500 325,000 Upon the closing of the IPO on October 29, 2021, the Company deposited $ 127,765,000 10.10 185 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) Following the closing of the IPO on October 29, 2021, cash of $ 764,101 357,478 3,112,258 On March 31, 2023, the Company entered into an Agreement and Plan of Merger (the “Original Merger Agreement”) with DMAC Merger Sub Inc., a Nevada corporation and wholly-owned subsidiary of the Company (“Merger Sub”), TruGolf, Inc., a Nevada corporation (“TruGolf”), Bright Vision Sponsor LLC, a Delaware limited liability company, solely in the capacity as the representative for certain stockholders of the Company (the “Purchaser Representative”), and Christopher Jones, an individual, solely in the capacity as the representative for stockholders of TruGolf (the “Seller Representative”). Pursuant to the Original Merger Agreement, and subject to the terms and conditions set forth therein, upon the consummation of the transactions contemplated thereby (the “Closing”), Merger Sub will merge with and into TruGolf, with TruGolf surviving as a wholly-owned subsidiary of the Company, and with TruGolf’s equity holders receiving shares of the Company’s common stock. On July 21, 2023, the Company, Merger Sub, the Purchaser Representative and the Seller Representative, entered into an Amended and Restated Agreement and Plan of Merger (as may be amended and/or restated from time to time, the “Restated Merger Agreement”) pursuant to which the Original Merger Agreement was amended and restated to provide, among other things, that (i) contingent earnout shares will be issued after the Closing, if and when earned, upon the Company meeting the milestones specified in the Restated Merger Agreement, rather than being issued at the closing of the merger and being placed into escrow subject to potential forfeiture; and (ii) the per share price of the Company’s common stock used in the calculation of the number of shares to be issued to the Sellers as merger consideration shall be $ 10.00 The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80 50 The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $ 10.10 According to the Company’s second amended and restated certificate of incorporation, as amended (the “Charter”), the Company will proceed with a Business Combination only if the Company has net tangible assets of at least $ 5,000,001 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to (i) waive its redemption rights with respect to any shares of Class A common stock held by them in connection with the completion of the Business Combination, (ii) waive its redemption rights with respect to any shares of Class A common stock held by them in connection with a stockholder vote to approve an amendment to the Charter (a) to modify the substance or timing of the Company’s obligation to redeem 100 Additionally, each public stockholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Charter provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Company initially had until October 29, 2022 (the “Initial Combination Period”) to complete a Business Combination. On October 19, 2022, an aggregate of $ 1,265,000 100 50,000 The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares and Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period (as defined below). However, if the Sponsor acquires Public Shares in or after the IPO, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period (as defined below). The underwriters have agreed to waive their rights to their business combination marketing fees (see Note 9) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period (as defined below) and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($ 10.10 The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $ 10.10 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) On December 23, 2022, the Company held a special meeting of stockholders in lieu of an annual meeting of stockholders (the “2022 Special Meeting”). At the 2022 Special Meeting, the Company’s stockholders approved amendments to the Charter to (i) extend the date by which the Company must consummate its initial Business Combination from January 29, 2023 to July 29, 2023, or such earlier date as determined by the Company’s board of directors (the “Second Extension”) and (ii) provide for the right of a holder of Class B common stock of the Company to convert into Class A common stock of the Company on a one-for-one basis prior to the closing of an initial Business Combination. The Charter amendments approved on the 2022 Special Meeting were filed with the Secretary of State of the State of Delaware on December 27, 2022. Subsequently, the stockholders holding all of the issued and outstanding Class B common stock of the Company elected to convert their Class B common stock into Class A common stock of the Company on a one-for-one basis. Accordingly, 3,162,500 3,162,500 3,162,500 11,819,790 121,034,650 10.24 300,000 50,000 On July 13, 2023, the Company held a special meeting of stockholders (the “2023 Special Meeting”), at which the Company’s stockholders approved a charter amendment to extend the date by which the Company must consummate its initial Business Combination from July 29, 2023 to January 29, 2024, or such earlier date as determined by the Company’s board of directors (the “Third Extension”) (the 27-month period, from the closing of the IPO to January 29, 2024 (or such earlier date as determined by the board), as extended by the Third Extension, unless further extended pursuant to the Company’s Charter, that the Company has to consummate an initial Business Combination, the “Combination Period”). The Charter amendment approved on the 2023 Special Meeting was filed with the Secretary of State of the State of Delaware on July 13, 2023. On the 2023 Special Meeting, the Company’s stockholders holding 255,446 2,914,230 11.41 4,357,964 574,764 Underwriting Agreement and Business Combination Marketing Agreement The Company engaged I-Bankers as the representative of the underwriters (the “Underwriters”) in the IPO of the Company’s Class A common stock for $ 110 11,000,000 10.00 15 1,650,000 2,530,000 2.0 Upon the closing of the IPO, the Company issued to I-Bankers a five-year 632,500 5.0 12.00 101,200 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option. Liquidity and Capital Resources The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its stockholders prior to the IPO, proceeds from related party loan and such amount of proceeds from the IPO that were placed in an account outside of the Trust Account for working capital purposes. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. As of September 30, 2023 and March 31, 2023, the Company had loans payable to the Sponsor and its affiliates in amount of $ 2,065,000 1,865,000 500,000 On October 15, 2022, the Company issued two promissory notes in an aggregate principal amount of $ 1,265,000 1,265,000 On February 9, 2023, the Company issued a promissory note in an aggregate principal amount of $ 300,000 300,000 On September 30, 2023, the Company issued a promissory note in principal amount of $ 84,617 The Company may need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of this financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) Going Concern and Management’s Plan The Company expects to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial Business Combination. In addition, the Company expects to have negative cash flows from operations as it pursues an initial Business Combination target. In connection with the Company’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) Topic 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern” the Company does not currently have adequate liquidity to sustain operations, which consist solely of pursuing a Business Combination. The Company may raise additional capital through loans or additional investments from the Sponsor or its stockholders, officers, directors, or third parties. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through the earlier of consummation of a Business Combination or the deadline to complete a Business Combination pursuant to the Company’s Charter (unless otherwise amended by stockholders). While the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern until the consummation of a Business Combination or for a period of time within one year after the date that these unaudited financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3 - Recent Accounting Pronouncements Management of the Company does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 4 - Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had cash of $ 357,478 595,536 no DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) |
Marketable Securities Held in T
Marketable Securities Held in Trust Account | 6 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities Held in Trust Account | Note 5 - Marketable Securities Held in Trust Account At September 30, 2023, substantially all of the assets held in the Trust Account were held in money market funds, which are invested primarily in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. As of September 30, 2023 and March 31, 2023, the marketable securities held in the Trust Account were $ 6,647,795 9,160,803 |
Common Stock Subject to Possibl
Common Stock Subject to Possible Redemption | 6 Months Ended |
Sep. 30, 2023 | |
Common Stock Subject To Possible Redemption | |
Common Stock Subject to Possible Redemption | Note 6 - Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the IPO, the Company recognized the remeasurement from initial book value to redemption value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit. At September 30, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: Schedule of Common Stock Subject to Redemption Gross proceeds $ 126,500,000 Less: Common stock issuance costs (2,855,000 ) Plus: Remeasurement of carrying value to redemption value 4,120,000 Common stock subject to possible redemption, March 31, 2022 $ 127,765,000 Less: Distribution for redemption (121,034,650 ) Plus: Remeasurement of carrying value to redemption value 2,264,084 Common stock subject to possible redemption, March 31, 2023 $ 8,994,434 Less: Distribution for redemption (2,914,230 ) Plus: Additional deposit for extension 200,000 Remeasurement of carrying value to redemption value 201,222 Common stock subject to possible redemption, September 30, 2023 $ 6,481,426 |
Net Loss per Share of Common St
Net Loss per Share of Common Stock | 6 Months Ended |
Sep. 30, 2023 | |
Net (loss) per share | |
Net Loss per Share of Common Stock | Note 7 - Net Loss per Share of Common Stock The Company complies with accounting and disclosure requirements FASB ASC Topic 260, “Earnings per Share.” Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock issued and outstanding for the period. During the three and six months ended September 30, 2023 and 2022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings (loss) of the Company. As a result, diluted loss per share of common stock is the same as basic loss per share of common stock for the period. DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) Schedule of Diluted Loss Per Share of Common Stock For the September 30, 2023 For the September 30, 2022 Numerator: Net loss $ (270,346 ) $ (165,559 ) Denominator: Basic and diluted loss per share – Class A $ (0.06 ) (0.01 ) Basic and diluted loss per share – Class B $ N/A $ (0.01 ) Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period 4,391,649 13,270,700 Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period - 3,162,500 For the September 30, 2023 For the September 30, 2022 Numerator: Net loss $ (531,911 ) $ (319,979 ) Denominator: Basic and diluted loss per share – Class A $ (0.12 ) (0.02 ) Basic and diluted loss per share – Class B $ N/A $ (0.02 ) Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period 4,502,530 13,270,700 Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period - 3,162,500 |
Loan payable
Loan payable | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Loan payable | Note 8 – Loan payable On September 30, 2023, the Company issued a promissory note in principal amount of $ 84,617 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 - Related Party Transactions Accrued Expenses - Related Parties As of September 30, 2023 and March 31, 2023, the Company had accrued expenses – related parties in amount of $ 16,000 6,000 6,000 5,000 300,000 0.02 10,000 0 Loan Payable – Related Party As of September 30, 2023 and March 31, 2023, the Company had a loan payable to the Sponsor in amount of $ 500,000 500,000 On October 15, 2022, the Company issued the Sponsor Affiliate Notes in an aggregate principal amount of $ 1,265,000 1,265,000 On February 9, 2023, the Company issued a promissory note in an aggregate principal amount of $ 300,000 300,000 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1.5 10.00 no |
Commitments and Contingency
Commitments and Contingency | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingency | Note 10 - Commitments and Contingency Registration Rights The holders of the Founder Shares, Private Placement Units (and their underlying securities), the Representative Shares, the Representative Warrants (and their underlying securities), the 300,000 Underwriting Agreement The Company had granted the Underwriters a 30-day option from the date of IPO to purchase up to 1,650,000 Simultaneously upon the closing of the IPO, the Underwriters exercised the over-allotment option in full. As such, the Underwriters were paid an underwriting discount and commission of $ 0.20 2,530,000 4,427,500 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 - Stockholders’ Equity The Company is authorized to issue a total of 111,000,000 0.0001 110,000,000 100,000,000 10,000,000 1,000,000 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) Preferred Stock As of September 30, 2023 and March 31, 2023, no Common Stock As of September 30, 2023 and March 31, 2023, there were 4,357,964 4,613,410 574,764 830,210 As of September 30, 2023 and March 31, 2023, there were no In July 2023, the Company and the Sponsor entered into certain non-redemption agreements (“Non-Redemption Agreements”) with each of six unaffiliated third parties, with respect to a maximum aggregate of 514,773 185,179 On July 13, 2023, the Company held the 2023 Special Meeting, at which the Company’s stockholders approved the Third Extension. On the 2023 Special Meeting, the Company’s stockholders holding 255,446 2,914,230 11.41 4,357,964 574,764 Rights Each holder of a right will receive one-tenth (1/10) of one share of Class A common stock upon consummation of a Business Combination. In the event the Company will not be the surviving entity upon completion of the Company’s initial Business Combination, each holder of a public right will automatically receive the 1/10 share of Class A common stock underlying such public right (without paying any additional consideration); and each holder of a Private Placement Right or right underlying Units to be issued upon conversion of the Working Capital Loans will be required to affirmatively convert its rights in order to receive the 1/10 share of Class A common stock underlying each right (without paying any additional consideration). If the Company is unable to complete an initial Business Combination within the required time period and public stockholders redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any such funds in exchange for their rights and the rights will expire worthless. The Company will not issue fractional shares upon conversion of the rights. If, upon conversion of the rights, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exchange, comply with Section 155 of the Delaware General Corporation Law. The Company will make the determination of how to treat fractional shares at the time of its initial Business Combination and will include such determination in the proxy materials that it will send to stockholders for their consideration of such initial Business Combination. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights, and the rights may expire worthless. Representative Warrants and Representative Shares Upon the closing of the IPO, the Company issued to the Underwriters Representative Warrants, the exercise price of which will be $ 12.00 101,200 The Representative Warrants shall be exercisable, in whole or in part, commencing the later of October 26, 2022 and the closing of the Company’s initial Business Combination and terminating on October 29, 2026. The Company accounted for the 632,500 1,333,482 2.11 35 1.18 five years 180 DEEP MEDICINE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS (Unaudited) The Representative Warrants grants to holders demand and “piggy back” rights for periods of five and seven years from October 29, 2021. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the Representative Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. The Underwriters agreed not to transfer, assign or sell any of the Representative Shares without the Company’s prior written consent until the completion of the Business Combination. The Underwriters agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to the Representative Shares if the Company fails to complete its initial Business Combination within the Combination Period. The shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following October 29, 2021 pursuant to FINRA Rule 5110(e)(1). |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12 - Fair Value Measurements The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2023 and March 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Schedule of Fair Value Hierarchy Valuation Description Level September 30, 2023 March 31, 2023 Assets: Marketable securities held in Trust Account 1 $ 6,647,795 $ 9,160,803 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13 - Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date these financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than the followings: On October 25, 2023, the Company instructed the trustee to liquidate the investments held in the Trust Account and instead hold the funds in the Trust Account in an interest bearing demand deposit account until the earlier of the consummation of our Business Combination or liquidation. On November 2, 2023, the Company executed a Loan Agreement (together, the “Loan Agreements”) with each of Greentree Financial Group, Inc. and Finuvia, LLC (together, the “PIPE Investors”). Pursuant to the terms and conditions of the Loan Agreements, the Company shall issue the PIPE Investors up to $ 8,000,000 727,273 |
Common Stock Subject to Possi_2
Common Stock Subject to Possible Redemption (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Common Stock Subject To Possible Redemption | |
Schedule of Common Stock Subject to Redemption | At September 30, 2023, the common stock subject to redemption reflected in the balance sheet are reconciled in the following table: Schedule of Common Stock Subject to Redemption Gross proceeds $ 126,500,000 Less: Common stock issuance costs (2,855,000 ) Plus: Remeasurement of carrying value to redemption value 4,120,000 Common stock subject to possible redemption, March 31, 2022 $ 127,765,000 Less: Distribution for redemption (121,034,650 ) Plus: Remeasurement of carrying value to redemption value 2,264,084 Common stock subject to possible redemption, March 31, 2023 $ 8,994,434 Less: Distribution for redemption (2,914,230 ) Plus: Additional deposit for extension 200,000 Remeasurement of carrying value to redemption value 201,222 Common stock subject to possible redemption, September 30, 2023 $ 6,481,426 |
Net Loss per Share of Common _2
Net Loss per Share of Common Stock (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Net (loss) per share | |
Schedule of Diluted Loss Per Share of Common Stock | Schedule of Diluted Loss Per Share of Common Stock For the September 30, 2023 For the September 30, 2022 Numerator: Net loss $ (270,346 ) $ (165,559 ) Denominator: Basic and diluted loss per share – Class A $ (0.06 ) (0.01 ) Basic and diluted loss per share – Class B $ N/A $ (0.01 ) Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period 4,391,649 13,270,700 Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period - 3,162,500 For the September 30, 2023 For the September 30, 2022 Numerator: Net loss $ (531,911 ) $ (319,979 ) Denominator: Basic and diluted loss per share – Class A $ (0.12 ) (0.02 ) Basic and diluted loss per share – Class B $ N/A $ (0.02 ) Denominator for basic and diluted earnings per share – Weighted-average shares of Class A common stock issued and outstanding during the period 4,502,530 13,270,700 Denominator for basic and diluted earnings per share – Weighted-average shares of Class B common stock issued and outstanding during the period - 3,162,500 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy Valuation | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2023 and March 31, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Schedule of Fair Value Hierarchy Valuation Description Level September 30, 2023 March 31, 2023 Assets: Marketable securities held in Trust Account 1 $ 6,647,795 $ 9,160,803 |
Organization and Description _2
Organization and Description of Business Operations (Details Narrative) | 6 Months Ended | |||||||||
Jul. 13, 2023 USD ($) $ / shares shares | Dec. 23, 2022 USD ($) $ / shares shares | Oct. 29, 2022 USD ($) $ / shares | Oct. 29, 2021 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) $ / shares shares | Jul. 21, 2023 $ / shares | Mar. 31, 2023 USD ($) shares | Feb. 09, 2023 USD ($) | Oct. 19, 2022 USD ($) | Oct. 15, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Shares issued price per share | $ / shares | $ 10.10 | $ 10.10 | ||||||||
Transaction costs | $ 7,282,500 | |||||||||
Cash of underwriting commissions | 2,530,000 | |||||||||
Marketing fee | 4,427,500 | |||||||||
Offering costs | 325,000 | |||||||||
Deposits into trust account | $ 127,765,000 | |||||||||
Investment maturity days | 185 days | |||||||||
Cash | $ 764,101 | $ 357,478 | $ 595,536 | |||||||
Working capital | $ 3,112,258 | |||||||||
Per share price | $ / shares | $ 0.20 | $ 0.02 | ||||||||
Percentage of outstanding public shares | 100% | |||||||||
Interest payable | $ 50,000 | |||||||||
Common stock subject to possible redemption, shares | shares | 574,764 | 574,764 | 830,210 | |||||||
Warrant issue to purchase stock | shares | 632,500 | |||||||||
Warrants exercise price | $ / shares | $ 2.11 | |||||||||
Business combination description | In addition, under a business combination marketing agreement, the Company has engaged I-Bankers as an advisor in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the IPO, including any proceeds from the exercise of the underwriters’ over-allotment option. | |||||||||
Cash deposited to trust account | $ 300,000 | $ 1,265,000 | ||||||||
Sponsor and Affiliates [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Loans payable | $ 2,065,000 | $ 1,865,000 | ||||||||
Stockholders [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Deposits into trust account | $ 50,000 | 300,000 | ||||||||
Per share price | $ / shares | $ 11.41 | $ 10.24 | ||||||||
Stock holding during period, shares | shares | 255,446 | 11,819,790 | ||||||||
Payments to related party | $ 2,914,230 | $ 121,034,650 | ||||||||
Transaction Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Shares issued price per share | $ / shares | $ 10.10 | |||||||||
Sponsor Affiliate Notes [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Deposits into trust account | $ 1,265,000 | |||||||||
Principal amount | $ 1,265,000 | |||||||||
Promissory Note [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Principal amount | 84,617 | |||||||||
Promissory Note [Member] | Sponsor and Affiliates [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Proceeds from unsecured notes payable | 500,000 | |||||||||
Promissory Note [Member] | Sponsor Affiliates [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Principal amount | $ 300,000 | |||||||||
Promissory Note [Member] | Director [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Principal amount | $ 84,617 | |||||||||
Business Combination Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Per share price | $ / shares | $ 10.10 | $ 10 | ||||||||
Fair market value of net assets | 80% | |||||||||
Percent of business combination transaction | 50% | |||||||||
Business combination net tangible assets | $ 5,000,001 | |||||||||
Redemption outstanding public shares percentage | 1 | |||||||||
Common Class A [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Shares issued to converting convertible securities | shares | 3,162,500 | |||||||||
Common stock issued subject to possible redemption, shares | shares | 4,357,964 | |||||||||
Common stock subject to possible redemption, shares | shares | 4,357,964 | |||||||||
Common Class B [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Shares were cancelled | shares | 3,162,500 | |||||||||
Representative Shares [Member] | I-Banker [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock issued during period shares new issues, shares | shares | 101,200 | |||||||||
IPO [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock issued during period shares new issues, shares | shares | 11,000,000 | |||||||||
Shares issued price per share | $ / shares | $ 10 | |||||||||
Stock issued during period value new issues | $ 110,000,000 | |||||||||
IPO [Member] | Common Class A [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock issued during period shares new issues, shares | shares | 12,650,000 | |||||||||
Shares issued price per share | $ / shares | $ 10 | |||||||||
Over-Allotment Option [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock issued during period shares new issues, shares | shares | 1,650,000 | 1,650,000 | ||||||||
Percentage of options | 15% | |||||||||
Underwriting commissions | $ 2,530,000 | |||||||||
Percentage of IPO gross proceeds | 2% | |||||||||
Over-Allotment Option [Member] | I-Banker [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Warrant expiration term | 5 years | |||||||||
Warrant issue to purchase stock | shares | 632,500 | |||||||||
Percentage of warrants issued | 5% | |||||||||
Warrants exercise price | $ / shares | $ 12 | |||||||||
Private Placement [Member] | Common Class A [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock issued during period shares new issues, shares | shares | 519,500 | |||||||||
Shares issued price per share | $ / shares | $ 10 | |||||||||
Gross proceeds from private placement | $ 5,195,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | Oct. 29, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Cash | $ 357,478 | $ 595,536 | $ 764,101 |
Cash equivalent | $ 0 | $ 0 |
Marketable Securities Held in_2
Marketable Securities Held in Trust Account (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable securities held in trust account | $ 6,647,795 | $ 9,160,803 |
Schedule of Common Stock Subjec
Schedule of Common Stock Subject to Redemption (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock Subject To Possible Redemption | |||
Gross proceeds | $ 126,500,000 | ||
Common stock issuance costs | (2,855,000) | ||
Remeasurement of carrying value to redemption value | 4,120,000 | ||
Common stock subject to possible redemption | $ 8,994,434 | $ 127,765,000 | |
Distribution for redemption | (2,914,230) | (121,034,650) | |
Remeasurement of carrying value to redemption value | 201,222 | 2,264,084 | |
Additional deposit for extension | 200,000 | ||
Common stock subject to possible redemption | $ 6,481,426 | $ 8,994,434 | $ 127,765,000 |
Schedule of Diluted Loss Per Sh
Schedule of Diluted Loss Per Share of Common Stock (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Net loss | $ (270,346) | $ (261,565) | $ (165,559) | $ (154,420) | $ (531,911) | $ (319,979) |
Common Class A [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Basic loss per share | $ (0.06) | $ (0.01) | $ (0.12) | $ (0.02) | ||
Diluted loss per share | $ (0.06) | $ (0.01) | $ (0.12) | $ (0.02) | ||
Denominator for basic earnings per share - Weighted-average shares of common stock issued and outstanding during the period | 4,391,649 | 13,270,700 | 4,502,530 | 13,270,700 | ||
Denominator for diluted earnings per share - Weighted-average shares of common stock issued and outstanding during the period | 4,391,649 | 13,270,700 | 4,502,530 | 13,270,700 | ||
Common Class B [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Basic loss per share | $ (0.01) | $ (0.02) | ||||
Diluted loss per share | $ (0.01) | $ (0.02) | ||||
Denominator for basic earnings per share - Weighted-average shares of common stock issued and outstanding during the period | 3,162,500 | 3,162,500 | ||||
Denominator for diluted earnings per share - Weighted-average shares of common stock issued and outstanding during the period | 3,162,500 | 3,162,500 |
Loan payable (Details Narrative
Loan payable (Details Narrative) | Sep. 30, 2023 USD ($) |
Promissory Note [Member] | |
Short-Term Debt [Line Items] | |
Principal amount | $ 84,617 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Feb. 09, 2023 | Oct. 19, 2022 | Oct. 15, 2022 | Oct. 29, 2021 | |
Related Party Transaction [Line Items] | ||||||||||
Accrued expense related parties | $ 16,000 | $ 16,000 | $ 6,000 | |||||||
Accrued non cash compensation | 6,000 | 6,000 | ||||||||
Officers compensation | $ 15,000 | $ 15,000 | $ 30,000 | $ 30,000 | ||||||
Share price | $ 0.02 | $ 0.02 | $ 0.20 | |||||||
Deposits into trust account | $ 127,765,000 | |||||||||
Marketable securities held in Trust Account | $ 6,647,795 | $ 6,647,795 | 9,160,803 | |||||||
Working capital loans | $ 1,500,000 | $ 1,500,000 | ||||||||
Debt conversion price | $ 10 | $ 10 | ||||||||
Working capital loans outstanding | $ 0 | $ 0 | 0 | |||||||
Promissory Note [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Principal amount | 84,617 | 84,617 | ||||||||
Sponsor Affiliate Notes [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Principal amount | $ 1,265,000 | |||||||||
Deposits into trust account | $ 1,265,000 | |||||||||
Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Loans payable | 500,000 | 500,000 | 500,000 | |||||||
Sponsor [Member] | Promissory Note [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from unsecured notes payable | 500,000 | |||||||||
Chief Financial Officer [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Accrued liabilities | $ 10,000 | 10,000 | $ 0 | |||||||
Chief Financial Officer [Member] | Starting from August 1, 2020 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Officers compensation | $ 5,000 | |||||||||
Officers and Directors [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period shares new issues, shares | 300,000 | |||||||||
Sponsor [Member] | Promissory Note [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Principal amount | $ 300,000 | |||||||||
Marketable securities held in Trust Account | $ 300,000 |
Commitments and Contingency (De
Commitments and Contingency (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 29, 2021 | Sep. 30, 2023 | |
Loss Contingencies [Line Items] | ||
Share price | $ 0.20 | $ 0.02 |
Underwriting Commissions [Member] | ||
Loss Contingencies [Line Items] | ||
Stock issuance costs | $ 2,530,000 | |
Marketing Fee [Member] | ||
Loss Contingencies [Line Items] | ||
Stock issuance costs | $ 4,427,500 | |
Over-Allotment Option [Member] | ||
Loss Contingencies [Line Items] | ||
Stock issued during period shares new issues, shares | 1,650,000 | 1,650,000 |
Officers and Directors [Member] | ||
Loss Contingencies [Line Items] | ||
Stock issued during period shares new issues, shares | 300,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Jul. 13, 2023 | Dec. 23, 2022 | Jul. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Oct. 29, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Per share price | $ 0.02 | $ 0.20 | ||||
Common stock subject to possible redemption, shares | 574,764 | 574,764 | 830,210 | |||
Warrants per share | $ 2.11 | |||||
Number of warrants | 632,500 | |||||
Fair value of representative warrants | $ 1,333,482 | |||||
Representative warrants shares days | 180 days | |||||
Sponsor [Member] | Non Redemption Agreement [Member] | Maximum [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Non redeemable shares | 514,773 | |||||
Transfer of founder shares | 185,179 | |||||
Stockholders [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Stockholders holding during period, shares | 255,446 | 11,819,790 | ||||
Payments to related party | $ 2,914,230 | $ 121,034,650 | ||||
Per share price | $ 11.41 | $ 10.24 | ||||
Common Class A [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||
Common stock, shares issued | 3,783,200 | 3,783,200 | ||||
Common stock, shares outstanding | 3,783,200 | 3,783,200 | ||||
Common stock shares subject to possible redemption | 574,764 | 574,764 | ||||
Common stock issued subject to possible redemption, shares | 4,357,964 | |||||
Common stock subject to possible redemption, shares | 4,357,964 | |||||
Common Class B [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Common stock, shares issued | 0 | 0 | ||||
Common stock, shares outstanding | 0 | 0 | ||||
Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Capital units authorized, shares | 111,000,000 | |||||
Common stock, par value | $ 0.0001 | |||||
Common stock, shares authorized | 110,000,000 | |||||
Common Stock [Member] | Common Class A [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, shares issued | 4,357,964 | 4,613,410 | ||||
Common stock, shares outstanding | 4,357,964 | 4,613,410 | ||||
Common stock shares subject to possible redemption | 574,764 | 830,210 | ||||
Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred stock, shares authorized | 1,000,000 | |||||
Representative Warrant [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Warrants per share | $ 12 | |||||
Number of warrants | 101,200 | |||||
Expected volatility, rate | 35% | |||||
Risk-free interest rate | 1.18% | |||||
Expected life | 5 years |
Schedule of Fair Value Hierarch
Schedule of Fair Value Hierarchy Valuation (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in Trust Account | $ 6,647,795 | $ 9,160,803 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities held in Trust Account | $ 6,647,795 | $ 9,160,803 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Nov. 02, 2023 | Sep. 30, 2023 |
Subsequent Event [Line Items] | ||
Warrants to purchase common stock | 632,500 | |
Subsequent Event [Member] | PIPE Investors [Member] | Loan Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Warrants to purchase common stock | 727,273 | |
Subsequent Event [Member] | PIPE Investors [Member] | Loan Agreement [Member] | Convertible Notes [Member] | ||
Subsequent Event [Line Items] | ||
Principal amount | $ 8,000,000 |